11 Aug 20210811 Premarket Prep DAX
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This is my premarket prep for today’s European session for DAX. This prep builds off of my weekly trade plan I made here:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Compared against Weekly Trading Plan
- Price trading above last week’s body but still within range and no HH has been made
Non-conjecture observations of the market
- Price action
- Price slowed down but closed higher although still below D1-C‑S 15778.44
- H4 Bull Engulf at D1 supply coinciding with H4 VWAP in UT
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend:
- Market Profile
- 3‑day flimsy bracket
- Daily Range
- ADR: 11059
- ASR: 9323
- 2331
- Day
- Yesterday’s High 15801.20
- Yesterday’s Low 15719.10
Sentiment
- LN open
- Open within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. IB already traversed 0.81xASR. Asia traded down forming a H4 Bearish Inside Bar.
- Clarity (1–5, 5 being best)
- 2
- Hypo 1
- Failed Auction Long
- Hypo 2
- Failed Auction Short
- Hypo 3
- Sustained Auction Long, late-sustained auction entry
- Hypo 4
- Auction Fade Short, variation to Hypo 3
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15778.44
- W1-C‑S 15654.79
ZOIs for Possible Long
- H4-C‑D 15741.84
- H4-C‑D 15695.39
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Min. 3 times working out at home + mandatory cardio
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
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